Remortgageing your home will mean that you have to pay for the valuation and legal costs involved. This could end up being a large amount of money, especially when taking into account the several thousands you need to pay off the minimum amount of 10%. Remortgageing may help you to get a better deal on interest rates or to release some equity that’s tied up in your house, but with a Help to Buy loan, many banks have more restrictions. Banks all have different rates and will also require that you’ve built up at least 10% of equity so far, not including the deposit you were lent initially.
Using MortgageShop.com as a broker will help you though this complicated procedure and get you the best remortgage deal.